Caution! This update on the state of the western world’s economy contains the “F” word. For many years, but specifically since the 2007 so-called sub-prime mortgage meltdown, I have warned that the City of London and their adjunct Wall Street and European Central Banking apparatus, including the Canadian banking sector, would collapse. It is not a matter of if but when that the debt-sodden gambling casino that passes for our monetary system implodes under the weight of grossly obscene and useless derivative-sodden debt. That ‘when’ is pretty much nigh.
The new global financial report of the International Monetary Fund is full of very serious warnings of a debt crisis and financial crash. The U.S. Federal Reserve since mid-September and still on-going has non-stop every day been pumping $50-$100 billion of liquidity into the Interbank loan markets of the over-extended Wall Street banks. The central banks of Europe and Japan are co-ordinating their expanded bank-subsidy programs trying to print enough liquidity to keep stock and bond values from plunging. Deutsche Bank, the world’s most celebrated ‘zombie’ bank which is actually run out of the City of London, could be the first in line with a cascading domino effect of bank failures.
Now for the even scarier part. Mark Carney, the governor of the Bank of England announced his solution at the UN conference in September, complimentary to Greta Thunberg’s climate crisis rant.
A call for a Green New Deal and a Synthetic Hegemonic Currency, a digital currency with new rules administered not by sovereign nation-states but rather by a globalist bankers’ cartel. These new rules stipulate that credit will only be extended to woefully inefficient solar and wind energy boondoggles. Firms that align their business models to the pseudo-science folly of a net-zero carbon world will be rewarded handsomely, those that fail to adapt will cease to exist. Bank of Canada’s Governor Stephen Poloz has already acted on his boss Mark Carney’s orders and has publicly stated acceptance of this policy.
Make no mistake, this foolish monetary and energy regime will require accompanying austerity policies imposed on the producing members of our country’s working class. A system that grinds down the productive capacity and capabilities of labour for the benefit of a financial, corporate and political elite can accurately be described as fascism.
What we have here is the imposition of green fascism by a globalist bankers’ dictatorship.
Brian Gray
Penticton